Thursday, May 01, 2014

Happy Kwanza !!

No, not the phony holiday cooked up in 1966 in order to stick it to The Man Santa Claus...

Happy Kwanza, as in the oil field offshore Angola, where energy firm Cobalt Energy recently announced significant drilling results.

U.S. firm Cobalt International Energy has discovered significant quantities of oil offshore Angola, state oil firm Sonangol said, calling the find the biggest so far in the promising pre-salt layer in the Kwanza Basin.  
Oil drillers hope discoveries under a deep submerged salt crust off Angola known as pre-salt may match the prolific finds beneath similar deposits off Brazil on the other side of the Atlantic in recent years.  
Analysts say Angola, Africa's No. 2 oil producer, could double its oil reserves, which are currently estimated at just under 13 billion barrels, if pre-salt drilling proves successful. Drilling at Cobalt's Orca-1 well in Block 20/11 reached a depth of 3,872 metres and has successfully produced over 3,700 barrels of oil and 16.3 million cubic metres of gas per day, Sonangol said in a statement on Thursday. "The results ... confirm the importance of the find, which is considered the biggest to date in the Kwanza basin," it added.  
Cobalt estimates the well may hold between 400 million and 700 million barrels of oil.
So dirt poor Angola is sitting on what could be $25 trillion of wealth, and the global warmists think that blocking a pipeline from Canada to the US is going to make a difference?  No way.


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